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Friday, May 18, 2012

SEE DEBT O! MANCHESTER UNITED REVEAL £ 250,000 PER DAY MASSIVE DEBT

Manchester United are bracing
themselves for a new supporter backlash after their latest accounts
revealed they lost £71million to financial obligations imposed by owners
the Glazers over the last nine months.

While
neighbours Manchester City have been taking the Barclays Premier League
trophy from them and signing players like Sergio Aguero and Yaya Toure
in recent times, figures released on Thursday showed much of the Old
Trafford revenue has been lost to interest payments and bond buybacks.

Put in simple terms, the money lost
as United try to service debt levels that still stand at more than £420m
is equivalent to £250,000 a day.

On Thursday night United supporters were aghast as the ongoing
financial issues surrounding the Glazers' ownership became clear - days
after the club's chief executive David Gill admitted they cannot compete
with City in terms of player salaries.

While United's accounts say gross
debt has dropped by £61.2m from £484.5m to £423.3m - a 12.6 per cent
reduction - this is countered by the club's cash reserves falling from
£113m to £25.6m, a reduction of £87.4m.

In short, this means United are £26m worse off than 12 months ago.

A
5.8 per cent fall in total revenue - from £75.2m to £70.8m - reflects
United's exit from the Champions League at the group stage and an early
defeat in the FA Cup.